SSI Securities Corp. (SSI) - Separate Financial Statement of 3Q2019

(October 18, 2019) SSI Securities Corporation (SSI – HOSE) announced its separated earnings for the third quarter of 2019.     On 18 October

SSI Securities Corp. (SSI) - Separate Financial Statement of 3Q2019


(October 18, 2019) SSI Securities Corporation (SSI – HOSE) announced its separated earnings for the third quarter of 2019.  
On 18 October 2019, SSI Securities Corporation (SSI – HOSE) announced its separated earnings for the third quarter of 2019. 3Q2019 total revenue reached VND 844.6 billion, profit before tax was VND 316 billion. Treasury, securities services and principal investment accounts for the majority of total revenue. In term of brokerage market share, SSI was steadily at top 1 position for 6 years in a row, reaching 13.60% at HOSE and 10.37% at HNX for the third quarter of 2019. 
SSI estimated its 9M2019 consolidated revenue at VND 2,366.6 billion, accounting for 63% of 2019 revenue plan, while consolidated profit before tax at VND 838 billion, accounting for 49% profit plan. Such results have reflected the fact that the Company suffered many adverse effects from the market environment in 3Q2010, which did not improve much compared to those of the first half. Daily turnover reached around VND 4,900 billion only, representing a 6% YoY decrease. A number of unfavorable factors appeared in this quarter, including the escalation of US-China trade war from the beginning of August. Concerns over unpredictable risks that lead to global investors shifting toward lower-risk asset investment. Gold price skyrocketed, dragging the US bond curve inverted, adding one more recession indicator. Foreign investors in Vietnam continued to net sell of more than VND 556 billion and new open account decreased by 33% YoY.  Local investors also became cautious in making investment decisions and narrowed down the transaction value. 
Experiencing nearly 20 years of ups and downs of Vietnam stock market, SSI believed that this is a tough time, yet can also create good opportunity. The Company has firmly implemented sustainable development strategy, pushing for investing in human resources and infrastructure to meet the requirement of the technology era. Regarding the current situation, SSI devoted a great deal of resources to researching and developing new products, building IT systems, improving the quality of human resources to accompany investors in catching future development opportunities of the market. This is the reason why the Company continues to invest as planned, with operating costs remained stable compared to the same period last year.
In November 2019, SSI planned to collect shareholders’ opinion on the increase of dividend rate that was approved in Resolution No. 01/2019/NQ-ĐHĐCĐ dated 25 April 2019 of the GSM. 
Summary of the 3Q2019 Separated Financial Statement can be downloaded here.
About SSI Securities Corporation (HOSE: SSI)

SSI Securities Corporation (SSI - HOSE) - established in December 1999 - is one of the pioneer companies at Vietnam stock market. Over 18 years of operation, SSI has become the largest financial institution in the market with a chartered capital of VND 5,100 billion, operating in major financial services including Retail Securities Services, Institutional Securities Services, Asset Management, Investment Banking, and Treasury. In 2018, SSI lie within the list of private and listed securities companies with Top highest scale of capitalization, total assets, profit as well as profitability of ROE in ASEAN region.
On December 18, 2018, the company officially changed its name from "Saigon Securities Incorporation" to the new name "SSI Securities Corporation" - unifying the company name with the abbreviation and stock code issued in the market. This is considered a necessary change, helping investors, especially foreign investors, easily identify the company's brand, in the context that SSI is one of the 40 most valuable brands in Vietnam, valued at USD 30.8 million. On the other hand, showing a professional image, aiming for further and greater development of the company in the future, not only in Vietnam market but also in the region as well as around the world.